Once Shopped for $135M, Dallas Estate Will Go to Highest Bidder

Billionaire banker Andy Beal purchased the property in 2016

A 25.25-acre estate owned by billionaire banker Andy Beal in Dallas, Texas, will be auctioned off without reserve on Dec. 19.

Mr. Beal, 64, founder and chairman of Beal Bank and Beal Bank USA, used a trust to buy the property early last year, property records show.

The financial terms of the transaction weren’t disclosed. But previous owner, Tim Hicks, an investor and former owner of sports teams, including Liverpool F.C., the Texas Rangers, the Dallas Stars and the Mesquite Championship Rodeo, once listed the property for $135 million in 2015 and dropped the price to $100 million before the sale.

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The auction will be without reserve, meaning that the highest bidder will become the new owner, according to Concierge Auctions, which is handling it.

“It’s an incredible property by all standards,” Mr. Beal said in a statement. “With their unique sales process and proven track record, Concierge Auctions has my full confidence that this is the best way to showcase this one-of-a-kind property on a global scale.”

Mr. Beal, who has a net worth of $11.2 billion by Forbes’ estimates, didn’t specify the rationale behind the sale.

Dubbed Walnut Place, the property on Hollow Way Road is also known as the Crespi Estate, named after its original owner, the Italian Count Pio Crespi. He moved to Dallas to oversee his family’s cotton business and commissioned famed architect Maurice Fatio to design the limestone mansion in 1938, according to Concierge Auctions.

The Switzerland-born Fatio, who is responsible for architectural masterpieces in Florida as well as David Rockefeller’s New York residence on East 65th Street, paid attention to every detail of what is believed to be his final work, including ornamental steel doors, original wrought-iron staircases, bay windows, parquet hardwood and marble floors, handcrafted millwork and coffered ceilings.

The Count entertained many high-profile guests in the silver-leafed Art Deco bar room and the library paneled in 19th-century Italian burled walnut, according to Concierge Auctions.

In 2000 to 2003, the mansion underwent a meticulous restoration and expansion. The renovation took as many as 250 craftsmen led by Dallas builder John Sebastian, New York architect and interior designer Peter Marino and London landscape architect Arabella Lennox-Boyd, according to Concierge Auctions.

The 27,092-square-foot mansion has 10 bedrooms, 12 full bathrooms and five half bathrooms, two home offices, a library, wet bar and lounge, a wine cellar and home theater.

There are three other structures on the property, including a 3,347-square-foot guesthouse and a 4,836-square-foot pool/recreation house. Outdoor living includes a kitchen/barbecue area, a sports court, tennis court, resort-style pool with a hot tub and patio areas.

The gated residence is a 30-minute drive to two international airports (Dallas Love Field and Dallas/Fort Worth International Airport), although it has its own helipad for more convenient flying-in-and-out.